04 Aug , 2021 By : Kanchan Joshi
After showing upside move with range-bound action in the last few sessions, the NSE Nifty witnessed an excellent upside move on Tuesday and closed 245 points higher at 16,130 — sustaining above the psychological 16,000 mark. The BSE Sensex too went up 872 points and closed at 53,823 levels. According to stock market experts, present upside breakout of 16,000 mark is likely to open a new uptrend for the markets. Any consolidation or minor dips from here could be a 'buy on dips' opportunity. The upside breakout area of 15,960 to 15,900 is expected to offer a strong support for the market from here, as per the concept of change in polarity.
Trade view on Nifty
Asked about the day trading guide for Wednesday; Nagaraj Shetti, Technical Research Analyst, HDFC Securities said, "The short term trend of Nifty seems to have turned up sharply. The much awaited upside breakout of broader high low range at 15,960 could signal more upside for the Nifty ahead. The next upside levels to be watched around 16,300 to 16,500 in the next 6-8 sessions. Important support is placed at 15,960 to 16,000 levels."
Day trading stocks to buy today
On the basis of these facts and figures, stock market experts — Sumeet Bagadia, Executive Director at Choice Broking; Mudit Goel, Senior Research Analyst at SMC Global Securities and Sandeep Matta, Founder at TRADEIT Investment Advisors — recommended 5 shares to buy today.
Sumeet Bagadia's shares to buy today
1] Kotak Bank: Buy at Rs1680, target Rs1715 to 1750, stop loss Rs1650
2] Godrej Consumer Products Limited: buy at Rs1010, target Rs1040 to 1050, stop loss Rs995
Mudit Goel's stock of the day
3] Tata Motors: Buy above Rs300, target Rs315, stop loss Rs299
Sandep Matta's stocks to buy today
4] Muthoot Capital Services: Buy above Rs436, target Rs450 Rs470, stop loss Rs415
5] Alembic Pharma: Buy at Rs785, target Rs805 to Rs825, stop loss Rs750.
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